Limited Liability Partnership Act, 2008 brought with itself the concept of LLP .The benefits of LLP are that it is simple to maintain & it provides the privilege of limited liability to the owners.
Limited Liability Partnership Act, 2008 brought with itself the concept of LLP .The benefits of LLP are that it is simple to maintain & it provides the privilege of limited liability to the owners. Thus combines the benefits of both company & partnership into a single organization. One partner is not responsible or liable for another partner's misconduct or negligence. Therefore, all partners have a sought oflimited liability for each individual's protection within the partnership, similar to that of the shareholders of a corporation.
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The only difference between the company and the LLP is that, the partners have the right to manage the business directly. Also the personal assets are free from the errors, omissions, incompetence, or negligence of the LLP's employees or other agents. Thus, LLP is one of the easiest forms of business to incorporate and manage.
Creating HUF is the best way to save taxes by an assessee. Forming an HUF does not involve huge legal or procedural formalities to be followed. Formation of HUF is no more a cumbersome process for any individual. Forming HUF can help you save taxes to an extent.
It takes around 14-20 days to incorporate a LLP at Rajput Jain & Associates which may vary subject to the processing time & whether the proposed partners have their DSC & DPIN ready or not which basically takes around 5-7 days.
Name Approval can be obtained in 5 to 7 working days subject to availability, guidelines, processing time, etc wherein application for Name Approval is filed in Form-1 along with the proposed names of maximum 6 & minimum 1 person with the MCA.
After the name is approved, the LLP Agreement is drafted & sent MCA Approval along with Form-2, Form-3, Form-4 & Form-9.MCA will generally approve the application for incorporation in 5 to 7 days, subject to their E-forms processing time & filed in proper order.